Comments
Malabar Gold & Diamonds, a gold and diamond retail chain, is to invest ₹1,600 crore in FY21-22 to launch 56 stores, 40 of which would be in India and 16 across global markets.
The move to boost its retail presence would also help Malabar Gold generate another 1,750 new jobs. Following the expansion plans, the company’s retail network is expected to triple to 750 outlets by 2023 from the present 250 showrooms, Malabar Gold & Diamonds said in a statement.
In India, the company will launch new stores in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. Internationally, the expansion will be across markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and the UAE.
“The expansion is an integral part of our strategy to become the number one responsible jewellery retail brand in the world in terms of both showroom count and turnover. Our aim is to be No.1 in this segment and we will strengthen the gifting aspect of jewellery that is fast growing in India and other countries, and use it as a growth-driver of our jewellery business,” Malabar Group Chairman MP Ahammed said.
Out of the total planned expansion, 12 stores would open in the first quarter of FY 21-22. The brand has secured retail spaces in cities such as Chennai, Lucknow, Hyderabad, Mumbai, Pune and Bengaluru and towns such as Eluru, Mancherial, Solapur and Ahmednagar.
“Our retail expansion is a part of our strategy to further strengthen our retail footprint in the territories where we have a strong presence and foray into new markets with our differentiated services and product offerings. Increased focus from the government on infrastructure and a good monsoon has seen rural markets and Tier-II and III towns across India rebound strongly from the pandemic. Having sensed the momentum in recent festive sales, we are gearing up to cater to these under-served markets with new standards of customer comfort and convenience,” said O Asher, Managing Director, India Operations of Malabar Gold and Diamonds.
International expansion will see the brand expand its retail presence at Little India in Singapore, Kuala Lumpur and Penang in Malaysia, Ruwi, Baushar and Al Khoudh in Oman, Jeryan Jenaihat and Rawdat in Qatar, Bab al Bahrain in Bahrain and Al Zahia, Silicon Oasis, Muweilah and Dubai Gold Souk in the UAE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.